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Question 36 2 pts Jay's Limo Services paid $300 cash to employees for work performed in the current period. Which of the following general journal entries will Jay's Limo Services make to record this transaction? Salaries Expense 300 300 Dividend 300 Salazies Payable 300 Salaries Expense 300 Salaries Expense accounts Payable 300 300 CES 300 Salaries Expense 300 300 Salaries Expense Cash Next Question 38 The accrual basis of accounting: Recognizes revenues when received in cash. Recognizes expenses when paid in cash. Is generally accepted for external reporting because it is more useful than cash basis for most business decisions. O Eliminates the need for adjusting entries at the end of each period. Question 37 Acredit entry: Increases asset and expense accounts, and decreases liability, common stock, and revenue accounts. O Always increases an account. Decreases asset and expense accounts, and increases liability, common stock, and revenue accounts. Always decreases an account. Question 39 A debit is used to record an increase in all of the following accounts except: Accounts Payable O Dividends O Cash Supplies O Prepaid Insurance